Indian Rupee

In the past, we used the barter system for trading purposes as well as for providing service like goods in exchange for goods, goods in exchange for service, services in exchange for goods and services in exchange for services. But, later the problems like double coincidence of wants, lack of a common measure of value, storage issues, the indivisibility of goods and many more had raised. ​​​​​​​

To fix these issues, the currency was introduced. Every country requires money for its domestic trade which should be used only within the country. Every country has their own money like the United States of America(USA) has American Dollar, London has the Great Britain Pound(GBP), Japan has Yen, United Arab Emirates(UAE) has Arab Emirate Dirham(AED), etc. India also has its currency which is named Indian Rupee(INR). It has been recognized all over the world. 

History of Indian Rupee

During the reign of Sultan Sher Shah(1540 to 1545), issued a coin of silver weighing 11.53 grams(178 grains used previously) and from then It was termed as Rupiya. The Bank of Hindustan(1770-1832), the General Bank of Bengal and Bihar (1773–75), and the Bengal Bank (1784–91) were the banks that issued the first-ever paper rupees. John Maynard Keynes, in 1913, wrote about the Indian Currency and Finance during the financial year 1900–1901 also he distributed gold coins (sovereigns) worth of £6,750,000 to Indian people hoping that it will flow as currency. But this strategy didn't go through well.

Even half of that were not returned to Government, so Government abandoned this system but in 1901, as a punishment to this loss of gold, the then Government of India shipped back the gold held by them to England and kept it in the Bank of England. During this period, countries like Aden, Bahrain, Dubai, Kenya, Kuwait, Mauritius, Oman, Qatar, Seychelles, Tanganyika, Trucial States, and Uganda had accepted the usage of the Indian Rupee as an official currency. Later some countries got their currency but still some countries use it today also. 

Current Notes

The Indian Rupee notes developed after independence has the image of 'The Father of India, Mahatma Gandhi' in the observe side and various images like farming, and various heritages of India on the reverse side of the notes. On 8th November 2016, a demonetization on the notes of 500 and 1000 was imposed by the Indian Government and all the 500 ad 1000 notes were taken back in exchange they printed new notes of 500 and 2000. Today, there are notes in denomination of 5, 10, 20, 50, 100, 200, 500 and 2000 in circulation. All the transitions done by Indian Rupee are monitored by the Reserve Bank of India(RBI).

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Conclusion

India has seen variations in many fields on a large as well as small scale. Many times Indian Rupee has collapsed in the international trading market but still, it has managed to overcome the damage.